Historic Meeting at Kaesong Industrial Park: A Step Forward in Inter-Korean Cooperation

In a significant development, the heads of South Korean companies at the Kaesong industrial park in North Korea are set to meet with their North Korean counterparts on Monday, marking the first time such a meeting has taken place. The meeting, convened at the invitation of Kim Dong-keun, chairman of the park's management committee, will focus on matters such as labor recruitment and goods removal from the park. The complex, located near the inter-Korean border, is expected to house hundreds of South Korean companies, leveraging cheap but skilled North Korean labor to boost economic cooperation between the two nations.

Key Takeaways:

• The meeting of South Korean company heads at Kaesong industrial park is a historic development, marking the first time such a gathering has taken place.
• The meeting, convened by Kim Dong-keun, chairman of the park's management committee, will focus on labor recruitment, goods removal, and other operational matters.
• Four out of the 15 scheduled companies have completed factory construction, while two firms have begun manufacturing goods such as kitchenware.
• The complex, a testament to the 2000 inter-Korean summit, aims to house 2,000 South Korean companies by 2020, benefiting from North Korea's low land and labor costs.
• South Korean officials believe the project will encourage North Korea to open up to the outside world, revive inter-Korean dialogue, and address the impasse over the North's nuclear arms program.

Statistics:

• 15 South Korean companies are scheduled to relocate to Kaesong industrial park by the end of June.
• 4 of the 15 companies have completed factory construction.
• 2 firms have begun manufacturing goods such as kitchenware.
• The complex will house 2,000 South Korean companies by 2020.
• The meeting marks the first time South Korea has allowed companies to relocate to the complex.

Sources:

(Yonhap) 28-03 0919